THE STRUCTURE OF ISLAMIC ECONOMICS: A COMPARATIVE 
PERSPECTIVE ON MARKETS, ETHICS AND ECONOMICS

Dr Masudul Alam Choudhury


NEED FOR ENDOGENOUS ETHICS IN ECONOMICS: 
SYSTEMS APPROACH


Now at the end, it is again the properties of neo-classical preferences despite their invoking of ethical questions that negate the place of unification of knowledge across agency, goods, systems and their interrelations. Ethics in such a rarified premise of rationalist plurality cannot be epistemologically endogenized within a systemic framework that can be endowed by extensive and strong interactions across all systems. Though even with such a universal re-configuration of scientific epistemology, problem specificity across disciplines will remain, but the methodology will be uniquely unified

Thus for a real breakthrough in the domain of ethics and economics we are to continue our search for an epistemological premise that can scientifically establish and then explain ethics as an endogenous reality of all systems. A particular one of such systems is the economy and markets, interacting agents and institutions, their needs and social relations. Having rejected the reasoning of mainstream economics with respect to an endogenous treatment of ethics we are left searching for that fundamental unity of knowledge at the epistemological core of a scientific understanding, explanation and application. We must establish such a methodology of general systems across all disciplines. This is indeed a search for a meta-theory of systemic unity with extensive interdisciplinary explanatory power. 

Thus we enter the study of the structure of Islamic economics. Even here, Islamic Economics is a terminology that we must finally have to abandon because of its blind following of the methodology of mainstream economic and ethical doctrines, which can hardly be defended on grounds of the precept of unity of knowledge found in the Qur�an, Sunnah.

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